FX.co ★ Forecast for AUD/USD on May 8, 2023

AUD/USD

On Friday, the Australian dollar forcefully overcame the resistance level of 0.6730 and tested the MACD indicator line on the daily chart.

This morning, the pressure on the MACD line continues, and if the price consolidates above it, there's a possibility that the price can reach the 0.6810 level. Further, it might even climb to the target of 0.6873. Increased raw material prices contribute to this plan.

On the four-hour chart, the uptrend is maintained, and the Marlin oscillator has enough growth prospects until it enters the overbought zone. After the price consolidates above Friday's peak of 0.6759, I expect the price to reach the 0.6810 target.